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Laos to cut electricity to crypto miners by 2026, prioritising AI and clean industry

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Laos plans to stop supplying electricity to cryptocurrency miners by the first quarter of 2026, shifting focus toward industries that contribute more directly to economic growth, such as AI data centers, metals refining, and electric vehicles, the country’s Deputy Energy Minister Chanthaboun Soukaloun told Reuters.

The landlocked Southeast Asian nation saw a crypto mining boom after a 2021 policy shift that attracted operators with cheap hydropower. However, the government now says the sector offers low economic value, creating few jobs and limited local supply chains.

“Crypto doesn’t create value compared to supplying power to industrial or commercial consumers,” Soukaloun said, noting that the government originally approved mining operations to absorb surplus electricity.

Power allocation to miners has already been reduced from 500 megawatts in 2021–2022 to around 150 MW, a 70% cut. Soukaloun added that while the government had planned to end supply earlier, abundant hydropower generation this year allowed operations to continue temporarily.

Often referred to as the “battery of Southeast Asia”, Laos exports most of its hydropower to Thailand and Vietnam and is now exploring increasing bilateral capacity to Vietnam beyond the current 8,000 MW.

Soukaloun also confirmed that talks with China are underway over a $555 million arbitration claim by a subsidiary of the Power Construction Corp of China regarding a hydropower project dispute.

Additionally, Laos expects to resume electricity exports to Singapore via the Lao-Thailand-Malaysia-Singapore (LTMS) corridor soon, pending final terms with Thailand.

CoreWeave to Acquire Core Scientific in $9 Billion AI Infrastructure Deal

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CoreWeave announced on Monday it will acquire bitcoin miner Core Scientific in an all-stock deal valued at approximately $9 billion, as AI infrastructure companies intensify efforts to secure energy and data center capacity to meet surging demand. The deal reflects a broader trend where crypto firms—once focused on digital assets—are becoming essential to powering artificial intelligence workloads.

Core Scientific shareholders will receive 0.1235 CoreWeave shares for each of their shares, valuing the company at $20.40 per share—a 66% premium from the stock’s last closing price before deal talks emerged in late June. Despite this, Core Scientific shares dropped 22% in early trading Monday, while CoreWeave shares slid 4.5%.

The acquisition is expected to close in Q4 2025, with the final price set at that time. CoreWeave CEO Michael Intrator said the deal will “accelerate our strategy to deploy AI and HPC workloads at scale” and eliminate over $10 billion in future lease liabilities over 12 years.

A Strategic Pivot from Crypto to AI

Bitcoin miners, known for their energy-intensive operations, are increasingly being courted by AI companies. CoreWeave will gain control of Core Scientific’s 1.3 gigawatts (GW) of contracted power—critical capacity in the tight market for AI data center expansion.

Analyst Gautam Chhugani of Bernstein noted that the deal “sets the bar” for other crypto miners considering an AI pivot, with power supply emerging as a key bottleneck for the AI industry.

Founded in 2017 as an Ethereum miner, CoreWeave pivoted toward AI following Ethereum’s “Merge” upgrade in 2022, which rendered mining unprofitable. Since then, its revenue has surged, growing over eightfold in 2024, according to its IPO prospectus. The company now has a market valuation of about $79 billion.

A Turnaround Story for Core Scientific

Core Scientific filed for bankruptcy in late 2022, hit hard by plummeting bitcoin prices and soaring energy costs. It emerged in early 2024 with a renewed strategy, signing 12-year agreements with CoreWeave to lease out data center capacity—including one deal for 200 MW of infrastructure for AI computing.

The merger marks a dramatic turnaround and a strategic shift for Core Scientific, from mining crypto to becoming a foundational pillar of AI infrastructure.

Goldman Sachs advised CoreWeave on the transaction, while Moelis & Co and PJT Partners advised Core Scientific.

Russia’s Energy Ministry Considers Mandatory Registry for Crypto Mining Equipment

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Russia is planning to tighten its oversight of cryptocurrency mining to better enforce regional bans and regulate energy consumption. The country’s Ministry of Energy is considering the establishment of a mandatory registry for crypto mining equipment, aiming to track and control its usage nationwide. This initiative is intended to curb excessive electricity consumption linked to mining operations and ensure that mining activities do not take place in regions where they are prohibited.

The proposal was put forward by Deputy Minister of Energy Yevgeny Grabchak and reported by Russia’s state-owned news agency, TASS. According to the Ministry of Energy, the primary goal is to refine legal frameworks for identifying mining activities. The ministry emphasized the need to develop clearer criteria for distinguishing digital currency production from other industrial electricity consumers.

In addition to this regulatory move, Russian authorities are also making it easier for individuals involved in crypto mining to report their earnings. Reports citing Russia’s Federal Tax Service (FNS) indicate that taxpayers engaged in mining businesses can now officially declare their crypto-related income through their personal accounts.

This effort marks another step in Russia’s evolving approach to cryptocurrency regulation. While the country has not outright banned crypto mining nationwide, it continues to refine policies that balance economic opportunities with concerns over energy consumption and financial oversight.